Aditya Birla Fashion and Retail Limited (ABFRL), on Friday (October 23), announced that it is raising INR 1,500 Cr (about $203 Mn) from Indian ecommerce giant Flipkart. With this, the Walmart-owned company will own 7.8% equity in the retailer on a fully diluted basis. The transaction is done by the way of preferential issue. Once the issuance is complete, the promoter and promoter group companies of Aditya Birla Fashion and Retail will hold about 55.13% upon completion of the issuance. The company will use this capital to strengthen its balance sheet and accelerate its growth trajectory.
Flipkart Steals Aditya Birla Fashion From Amazon’s Cart, Bags 7.8% Stake For $203 Mn
Date posted: Monday 26 October 2020